The amount of sale to qualified PWDS INCLUSIVE of VAT is P1,120,000. Under the law, senior citizens and PWDS enjoy exemption from VAT and also a 20% on their purchase of certain goods or services. How much is the amount of discount granted to the PWDS? О а. 275,000 ОБ. 250,000 c. 224,000 d. 200,000

The amount of sale to qualified PWDS INCLUSIVE of VAT is P1,120,000. Under the law, senior citizens and PWDS enjoy exemption from VAT and also a 20% on their purchase of certain goods or services. How much is the amount of discount granted to the PWDS? О а. 275,000 ОБ. 250,000 c. 224,000 d. 200,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 4Q: If a retailer made a purchase in the amount of $350 with credit terms of 2/15, n/60. What would the...

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The amount of sale to qualified PWDs INCLUSIVE of VAT is P1,120,000. Under the law, senior citizens and PWDs enjoy exemption from VAT and also a 20% on their purchase of certain goods or services. How much should the business report as “Sales” to be able to avail of the special deduction from its gross income? a. 1,120,000 b. 1,000,000 c. 896,000 d. 800,000
prescribed rate of VAT on the goods is 10% and the retailer sells it to the consumer at the printed price.Save A A manufacturer printed the price of his goods as BD120 per article. He allowed a discount ot 30% to the wholesaler who in his turn allowed a discount of 20% on the printed price to the retailer. It the Require Find the value added tax paid by the wholesaler and the retailer.
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A manufacturer printed the price of his goods as BD240 per article. He allowed a discount of 20% to the wholesaler who in his turn allowed a discount of 15% on the printed price to the retailer. If the prescribed rate of VAT on the goods is 5% and the retailer sells it to the consumer at the printed price. Instructions: Find the value added tax paid by the wholesaler and the retailer
At December 31, 2021, Suo’s Boutique had 2,000 gift certificates outstanding, which had been sold to customers during 2021 for P50 each. Sue’s operates on a gross margin of 60% of its sales. What amount of revenue pertaining to the 2,000 outstanding gift certificates should be deferred at December 31, 2021? a. P0 b. P40,000. c. P60,000. d. P100,000.
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